Notice of Termination for Shipbuilding Contract

1 March 2018

The Board of Directors (the “Board”) of Triyards Holdings Limited (the “Company”) wishes to announce that its wholly owned subsidiary, Saigon Offshore Fabrication and Engineering Limited, has received notice of termination (“Termination Notice”) of the shipbuilding contract dated 26 June 2015 and the addendum dated 10 May 2017 for the design and construction of one unit of chemical tanker of a contract value of US$25.5 million (“Contract”) from the purchaser (“Buyer”) of the chemical tanker.

Pursuant to the Notice, the Buyer will claim for the reimbursement of all sums paid by the Buyer in advance on account of the Contract in an amount of US$5.1 million.

The Company is assessing the financial impact of the Termination Notice and the termination of the Contract. Further announcements will be made by the Company and the Board via SGXNET as and when there are any material developments.

By Order of the Board
Lee Kian Soo
1 March 2018

Triyards Holdings Ltd. press release